Independence Bank of Kentucky increased its position in shares of The Charles Schwab Co. (NYSE:SCHW – Free Report) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,325 shares of the financial services provider’s stock after purchasing an additional 250 shares during the period. Independence Bank of Kentucky’s holdings in Charles Schwab were worth $642,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC acquired a new position in Charles Schwab in the first quarter valued at $25,000. Your Advocates Ltd. LLP acquired a new position in Charles Schwab in the first quarter valued at $25,000. Carolina Wealth Advisors LLC boosted its stake in Charles Schwab by 54.8% in the first quarter. Carolina Wealth Advisors LLC now owns 565 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 200 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC acquired a new position in Charles Schwab in the first quarter valued at $30,000. Finally, Rocky Mountain Advisers LLC boosted its stake in Charles Schwab by 704.2% in the first quarter. Rocky Mountain Advisers LLC now owns 571 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 81.61% of the company’s stock.
Insider Buying and Selling
In related news, Chairman Charles R. Schwab sold 72,047 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $66.66, for a total transaction of $4,802,653.02. Following the sale, the chairman now owns 59,748,538 shares in the company, valued at $3,982,837,543.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Charles Schwab news, Chairman Charles R. Schwab sold 72,047 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $66.66, for a total transaction of $4,802,653.02. Following the transaction, the chairman now owns 59,748,538 shares of the company’s stock, valued at $3,982,837,543.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Peter J. Morgan III sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $59.61, for a total transaction of $476,880.00. Following the transaction, the general counsel now directly owns 8,014 shares in the company, valued at approximately $477,714.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 155,807 shares of company stock worth $10,325,149. 6.60% of the stock is owned by insiders.
Charles Schwab Stock Down 3.6 %
Charles Schwab (NYSE:SCHW – Get Free Report) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.71 by $0.04. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.61 billion. Charles Schwab had a net margin of 33.15% and a return on equity of 27.54%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. Equities analysts expect that The Charles Schwab Co. will post 3.27 earnings per share for the current fiscal year.
Charles Schwab Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.74%. Charles Schwab’s dividend payout ratio (DPR) is currently 29.15%.
Analyst Upgrades and Downgrades
SCHW has been the subject of several research analyst reports. Barclays upped their price objective on shares of Charles Schwab from $62.00 to $70.00 in a research note on Wednesday, July 19th. Argus upped their target price on shares of Charles Schwab from $70.00 to $81.00 in a report on Wednesday, July 19th. Piper Sandler upped their target price on shares of Charles Schwab from $77.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, July 24th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Charles Schwab from $70.00 to $74.00 in a report on Wednesday, July 19th. Finally, The Goldman Sachs Group upped their target price on shares of Charles Schwab from $71.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Charles Schwab has a consensus rating of “Moderate Buy” and a consensus target price of $72.09.
Charles Schwab Company Profile
The Charles Schwab Corporation, together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. The company operates in two segments, Investor Services and Advisor Services.
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